KDF: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
KDF
Largest movements
- Tangible fixed assets -€35,177
down €35,177 (-3.7%), from €938,163 to €902,987
of which Land and buildings: -€23,588
- Cash +€19,754
up €19,754 (+237.6%), from €8,313 to €28,067
mainly Depreciation (+€35,177) and Net result for the year (+€24,851)
- Debts after one year -€43,242
down €43,242 (-11.8%), from €367,434 to €324,192
- Reserves +€24,851
up €24,851 (+34.6%), from €71,772 to €96,623
- Gross operating margin +€6,919
up €6,919 (+7.3%), from €95,273 to €102,192
- Taxes +€2,814
up €2,814 (+27.2%), from €10,329 to €13,143
- Depreciation +€1,840
up €1,840 (+5.5%), from €33,336 to €35,177
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €954,903 | €942,601 | -€12,302 | -1.3% |
| Fixed assets | 21/28 | €938,163 | €902,987 | -€35,177 | -3.7% |
| Tangible fixed assets | 22/27 | €938,163 | €902,987 | -€35,177 | -3.7% |
| Land and buildings | 22 | €878,494 | €854,907 | -€23,588 | -2.7% |
| Plant, machinery and equipment | 23 | €49,169 | €43,580 | -€5,589 | -11.4% |
| Furniture and vehicles | 24 | €10,500 | €4,500 | -€6,000 | -57.1% |
| Current assets | 29/58 | €16,740 | €39,615 | +€22,875 | +136.6% |
| Amounts receivable within one year | 40/41 | €2,675 | €5,472 | +€2,797 | +104.6% |
| Trade receivables | 40 | €2,675 | €5,472 | +€2,797 | +104.6% |
| Current investments | 50/53 | - | €49 | +€49 | |
| Cash at bank and in hand | 54/58 | €8,313 | €28,067 | +€19,754 | +237.6% |
| Deferred charges and accrued income | 490/1 | €5,752 | €6,026 | +€274 | +4.8% |
| Total equity and liabilities | 10/49 | €954,903 | €942,601 | -€12,302 | -1.3% |
| Equity | 10/15 | €201,772 | €226,623 | +€24,851 | +12.3% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €71,772 | €96,623 | +€24,851 | +34.6% |
| Distributable reserves | 133 | €71,772 | €96,623 | +€24,851 | +34.6% |
| Amounts payable | 17/49 | €753,131 | €715,978 | -€37,153 | -4.9% |
| Amounts payable after more than one year | 17 | €367,434 | €324,192 | -€43,242 | -11.8% |
| Financial debts | 170/4 | €367,434 | €324,192 | -€43,242 | -11.8% |
| Amounts payable within one year | 42/48 | €379,727 | €384,351 | +€4,625 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €42,379 | €43,242 | +€863 | +2.0% |
| Trade debts | 44 | €194 | €5,911 | +€5,717 | +2952.2% |
| Suppliers | 440/4 | €194 | €5,911 | +€5,717 | +2952.2% |
| Taxes, remuneration and social security | 45 | €12,154 | €10,199 | -€1,955 | -16.1% |
| Taxes | 450/3 | €12,154 | €10,199 | -€1,955 | -16.1% |
| Other amounts payable | 47/48 | €325,000 | €325,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,970 | €7,434 | +€1,464 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,336 | €35,177 | +€1,840 | +5.5% |
| Other operating charges | 640/8 | €13,868 | €14,653 | +€785 | +5.7% |
| Gross operating margin | 9900 | €95,273 | €102,192 | +€6,919 | +7.3% |
| Operating profit (loss) | 9901 | €48,069 | €52,362 | +€4,294 | +8.9% |
| Financial income | 75/76B | €6 | €70 | +€64 | +1089.5% |
| Recurring financial income | 75 | €6 | €70 | +€64 | +1089.5% |
| Financial charges | 65/66B | €15,145 | €14,438 | -€707 | -4.7% |
| Recurring financial charges | 65 | €15,145 | €14,438 | -€707 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €32,930 | €37,994 | +€5,065 | +15.4% |
| Income taxes | 67/77 | €10,329 | €13,143 | +€2,814 | +27.2% |
| Profit (loss) for the period | 9904 | €22,601 | €24,851 | +€2,250 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,601 | €24,851 | +€2,250 | +10.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.